Al­liance Se­lect swings to profit de­spite head­winds

Business World - - CORPORATE NEWS - Arra B. Fran­cia

AL­LIANCE Se­lect Foods International, Inc. swung to prof­itabil­ity in the third quar­ter of 2017, de­spite still en­coun­ter­ing head­winds in the prices of raw ma­te­ri­als.

In a reg­u­la­tory fil­ing, Al­liance Se­lect said it gen­er­ated a net in­come at­trib­ut­able to the par­ent of $91,207, against a net loss of $1.02 mil­lion in the third quar­ter of 2016. Rev­enues picked up 29% to $18.42 mil­lion.

This brought the com­pany’s ninemonth rev­enues to $53.16 mil­lion, 16% higher year on year. At­trib­ut­able profit ac­cord­ingly rose to $383,360, against a net loss at­trib­ut­able to the par­ent of $2.28 mil­lion.

Bulk of the com­pany’s rev­enues come from tuna and re­lated prod­ucts at 61%, while the re­main­ing 39% come from the sal­mon seg­ment. Al­liance Se­lect said it has seen in­creased mar­ket pen­e­tra­tion through im­proved op­er­a­tional ef­fi­cien­cies as well as in­tro­duc­tion of new prod­ucts.

“While raw ma­te­rial prices re­main volatile, we con­tinue to ra­tio­nal­ize oper­a­tions while de­vel­op­ing new business op­por­tu­ni­ties. Al­liance Se­lect’s sig­nif­i­cant progress in the third quar­ter is an in­di­ca­tion to man­age­ment to in­crease our ef­forts and mo­men­tum even fur­ther,” Al­liance Se­lect Pres­i­dent and Chief Ex­ec­u­tive Of­fi­cer Ray­mond KH See said in a state­ment. —

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